Poker Player Part of Aussie Ponzi Scheme

Australia is cracking down on illegal gambling by changing regulations. Advertisements, mobile websites, and more have been analyzed and assessed to ensure everything is happening legally in Australia. The crack-down for casino companies came after several issues with land-based casinos, marketing that seems too kid-friendly, and lottery hijacking of funds. It does not help that one well-known poker player in Australia was being investigated for a Ponzi scheme.

Bill Jordanou is a poker pro who pled guilty to a Ponzi scheme. Jordanou is known as an aggressive poker player wit ha five year run on the poker scene earning him over a half million dollars. He is known to play live tournaments. But, it seems his poker playing is not everything he likes to bluff at.

Monday, June 25, 2018, Bill Jordanou was at the high court in Melbourne facing charges. These charges have to do will a Ponzi scheme. He admitted his guilt. Robert Zaia was his partner, and a former accountant. The two have pled guilty to fraud and the siphoning of $53 million. Zaia put about $20 million in his family trust.

The two were living the high life. Many Scorsby clients, who Zaia worked as an accountant for, lost their homes due to the scheme.

Zaia, and Jordanou are not going to face a trial because they pled guilty. The victims are never going to know if there were more people involved, possibly from the Commonwealth Bank of Australia. It is suspected that some of the employees were guilty of being a part of the scheme. CBA management learned of the Ponzi Scheme back in 2007, according to some investigative statements. However, management did nothing to report the situation to the police, until four years later.

Jordanou is a Melbourne native, who has spent the last four years out on bail. In court, he did admit to forging documents to gain loans from clients. The loans were for property development, and some of the funds were stolen from client accounts without permission.

The loans were processed through Box Hill branch of CBA. Many were processed by one individual, Brendan Epps. Epps is considered the inside man for the scheme, but he died of a brain aneurysm in 2007.

Other Rumors of Schemes

Kim Morison is defending his move at Blue Sky as the interim CEO stating that he is there to make things more transparent and certain criticisms about a possible Ponzi scheme are unfounded.

Leave a Reply

Your email address will not be published. Required fields are marked *